Amasenen Tax Law
Amasenen Tax Bill Preamble: It is the purpose of this bill to fund the Federal Government by the means of a "Progressive Accumulative Earnings Bracket Taxation". As one earns more money, at certain milestones, the rate of taxation will increase. This legislation will set up the Republic Department of Taxation (RDT), set individual tax brackets, dual-income tax brackets, and corporate tax brackets and their accompanying tax rates. It will also set the qualification for applying for certain deductions. =Article I. The Republic Department of Taxation (RDT) will be ran under the authority of the Department of the Treasury. It's primary purpose is for the collection of individual, corporate, estate taxes, and process deductions.= Section 1.01 The Secretary of the Treasury will appoint a Director of the RDT and the appointment will be concerned by the Senate. The director will serve at will until; retirement, a new Director has been appointed, or they have been discharged. It is the duty of the Director of the RDT to annually perform a nationwide audit asking citizen's to document earnings and apply for any deductions applicable that year, as well as to develop a financial report of the Republic for Government use. Section 1.02 The Republic Department of Taxation (RDT) will collect taxes based on different tax rates applicable to individuals, multi-income families, small businesses, and corporations . (a) All citizens, legal residences, Sole Proprietorships, and General Proprietorships, are to file under "Individual Payer". As the income accumulates the income tax rate is applied for each specified bracket. The brackets and associated tax rates are as follows: (i) $0.00 - $12,000 (5%) (ii) $12,001 - $24,000 (10%) (iii) $24,000 - $48,000 (15%) (iv) $48,001 - $96,000 (30%) (v) $96,001 - $250,000 (40%) (vi) $250,001 - $1,000,000 (50%) (vii) $1,000,001 - $8,000,000 (60%) (viii) $8,000,000 + (92%) (b) All Corporations, Limited Liability Companies, and Limited Partnerships are to file under "Corporate Payer". As the income accumulates the income tax rate is applied for each specified bracket. The brackets and associated tax rates are as follows: (i) $0.00 - $50,000 (15%) (ii) $50,001 - $75,000 (25%) (iii) $75,001 - $100,000 (30%) (iv) $100,001 - $335,000 (32%) (v) $335,001 - $10,000,000 (35%) (vi) $10,000,001 - $15,000,000 (38%) (vii) $15,000, 001 - $1,000,000,000 (40%) (viii) $1,000,000,001 + (42%) © Estate Tax is to be collected upon the inheritance or gift of funds and property to an individual. Anyone collecting an inheritance or gift worth over $6.2 million must pay a 35% tax before receiving the funds or property. Section 1.03 Depending on whether one has filed under "Individual Payer" or "Corporate Payer" they be able to apply for certain deductions. There is no limit to the number of deductions one may take so long as the meet the requirements. (a) Those who file under "Individual Payer" have the following deductions available to apply for: (i) State and Local Tax (SALT) Deduction will be applied to everyone in brackets 1, 2, 3, & 4. All state and local tax burdens will be deducted from their total federal tax burden. (ii) The Child Tax Credit will give a $3,640 tax credit per child to the parent or guardian. For married couples the tax credit will be split evenly, otherwise the parent who predominantly cares for the child will receive the full tax credit. Single parents in tax brackets 1, 2, & 3, will receive an added 10% of $360. (iii) The Mortgage Refund Act gives property owners in brackets 1, 2, 3, & 4 a deduction amounting in a total of 10% of their annual mortgage payments. (b) Those who file under "Corporate Payer" have the following deductions available to apply for: (i) Corporate State and Local Tax (C-SALT) Deduction will be applied to businesses in brackets 1, & 2. All state and local tax burdens will be deducted from their total federal tax burden. (ii) The Mortgage Refund Act permits that property owners in brackets 1, & 2 will receive a deduction amounting in a total of 5% of their annual mortgage payments. Category:Legislation